Junk fees can show up in various products and services. But the more one knows about how they may be at risk, the easier it is to avoid it. Here’s an infographic of some of the common types of junk fees that you should know. Join our webinar: Regulatory Trends to Watch Out for in Consumer Finance Upcoming Webcasts Upcoming Webcasts back
Today, the high cost of junk fees imposed by some companies is hitting the most vulnerable consumers to the core. While these unnecessary fees offer no benefits to consumers other than adding costs to their bills, they eclipse the actual cost of a product or a service. This article will discuss the common types of junk fees and how we can detect them. What is a Junk Fee? A junk fee is a surprise cost charged to a consumer's bill after signing up for a product or service. Also called hidden fees, they are usually [...]
Accountants play a critical role in business as they have access to intimate financial information. However, some have failed to value the importance of ethics and compliance. Here's an infographic of why you should ensure to practice ethical standards in your accounting profession. Join our webinar: Understanding Ethics in the Accounting Profession: A Comprehensive Guide Upcoming Webcasts Upcoming Webcasts back
Accountants are professionals; hence, they are expected to act like one. They’re the key personnel who can access the intimate financial information of individuals and businesses. With such a crucial responsibility, they must abide by the rules and values in the accounting profession known as ethics. According to Oprah Winfrey, “Real integrity is doing the right thing, knowing that nobody's going to know whether you did it or not.” It takes a lot to be honest and sustain integrity in the face of many temptations. For this reason, not all accountants can stay true to their [...]
The mergers and acquisitions (M&A) space rose to unprecedented heights in 2021 due to low-interest rates, easy access to capital, and a booming stock market. And although M&A activity slowed down in 2022, it is expected to bounce back to pre-pandemic levels in the coming year. But with major geopolitical, financial, and regulatory headwinds ahead, buyers and sellers must keep up with current developments to successfully navigate the changing tides of M&A transactions. Avoiding Tax Issues in M&A Transactions The process companies undergo when negotiating M&A deals is fraught with issues, especially when it comes to [...]
The current state of the market across industries reflects in the way companies adapt and respond to changes impacting a wider aspect of better financial service. These changes are tied up with expanded economic transitions that are taking place today after the hard shocks from the Covid-19 pandemic hit us. On the compliance front, most businesses are gearing up to meet compliance requirements within a specified timeframe. In particular, accounting challenges in the leasing sector include achieving compliance in the wake of new accounting standards: Financial Accounting Standards Board (FASB), ASC 842, and International Accounting Standards [...]
With the introduction of new lease accounting standards, lease management has become essential for companies to foster growth and maintain compliance. In this infographic, explore 5 steps on how your organization can leverage leases to make strategic decisions! Check out our upcoming webcast: Trends, Challenges, and Opportunities in Commercial Real Estate Finance For more information on how to unlock value from your lease portfolio, contact Visual Lease. Upcoming Webcasts Upcoming Webcasts back
With the ever-changing regulatory landscape impacting corporate tax compliance processes, more and more organizations are starting to understand that being tech-savvy, data-driven, and predictive is the need of the hour. Specifically, heightened regulatory changes pose greater exposure to noncompliance risks, leaving increased pressure on tax teams to keep pace. Automating your tax processes could help mitigate risks and alleviate the burdens of your team. Besides creating a smoother and faster process, automation also improves quality. Here's more of what tax automation can offer: Better Control – tax automation eliminates manual recording and compilation, thus helping drive [...]
How can sales tax solutions keep your business moving forward? Find out in this infographic! Join our upcoming webinar: Transforming Businesses with Tax Automation: Effective Tools and Best Practices Solve Tax for Good® Everywhere You Do Business Get in touch with Sovos Upcoming Webcasts Upcoming Webcasts back
What is ACH Fraud? ACH fraud is fraudulent access to an account to make unauthorized payments and purchases. Fraudsters can execute an ACH fraud by getting the business checking account number and bank routing number. By obtaining that information from targets, criminals can initiate purchase of goods and services or pay off debts. Common ACH Fraud Schemes Overseas money transfers -An ACH scam that happens when a fraudster sends you an email or letter asking you to help them move a large amount of money out of the country. Usually, they say that it's due [...]
What is sales tax? By way of background, sales tax is applied to the sales or purchase of consumer goods and services, at a percentage of a price. Typified as a consumption tax, it is usually imposed and collected at a point-of-sale transaction. Once collected, sales tax would be remitted at a set time to the proper taxing jurisdiction. Choosing the right software to ease your compliance process The ever-evolving tax rules and growing tax complexities shouldn’t impede business growth. Choosing the right technology for your sales tax compliance offers key benefits that span cost [...]
Sales tax is undoubtedly complex right? But, tax complexities shouldn’t impede the growth of your business! Get started on managing your sales tax processes with ease! Check out the infographic below. Join our webcast Sales Tax Compliance Technology Trends: Keeping up with the Challenges of Sales Tax Reporting Solve tax for Good® Everywhere You Do Business, get in touch with Sovos Upcoming Webcasts Upcoming Webcasts back
Time to get compliant with the IRS Voluntary Disclosure Program to avoid unnecessary headaches and tax liabilities. Are you qualified or not? Find out in this infographic! Want an in-depth discussion on that topic? Listen to our webcast Up-Close Look at the New IRS Voluntary Disclosure Program: Unravelling New Provisions and Hot Issues Upcoming Webcasts Upcoming Webcasts back
What Is a Voluntary Disclosure Program? The IRS Voluntary Disclosure Program allows U.S. taxpayers to disclose unreported income and settle their offshore and domestic tax liabilities. The applicant must willingly cooperate with the IRS in determining the correct tax liabilities and plan payment for penalties owed. However, disqualification from making a voluntary disclosure is possible due to certain factors like having an illegal source of income. How Does the New IRS Voluntary Disclosure Program Works? The IRS Criminal Investigation Unit (CI) evaluates if the disclosures are accurate, timely, and complete. To get started, applicants must fill out IRS [...]
Automation has become the norm in almost all areas of businesses today, particularly in accounts payable (AP) processing. With the constant technological advances, the need to adopt automation technologies is critical for companies to thrive and maintain competitive advantage. However, any operational changes always pose a challenge for everyone. Invoice payment matching and manual data entry are among the top challenges in AP. And this could be more difficult to manage with a large volume of invoices and financial transactions. To expedite manual tasks and reduce human error, most organizations lean towards AP automation software. [...]
